The Ministry of Labor, Invalids and Social Affairs has just released an updated report on the labor and employment situation in the first quarter of 2024. According to this report, in the first quarter of 2024, the labor and employment situation has returned to normal development trends as before the COVID-19 pandemic, that is, the labor force usually decreased slightly compared to the previous quarter but still increased compared to the same period last year.
The average income of workers in the first three months of the year was about 7.6 million VND/person/month, an increase of 301 thousand VND compared to the fourth quarter of 2023 and an increase of 549 thousand VND compared to the same period in 2023.
However, the Ministry of Labor, Invalids and Social Affairs said that in the first months of 2024, there was still a local imbalance in labor supply and demand and uneven development between regions, areas, and economic sectors; the mechanism for connecting supply and demand and self-balancing the market was still weak.
Notably, the youth unemployment rate remains high. Currently, the country has about 1.4 million unemployed youth (aged 15-24) and not participating in education or training (accounting for 11.0% of the total youth population), and this rate is higher in rural areas than in urban areas (12.8% compared to 8.3%).
Meanwhile, the quality of labor supply still has many shortcomings and limitations, failing to meet the labor demand of a modern, flexible, sustainable and integrated labor market. To date, about 37.8 million workers have not received primary or higher education.
According to data from the Ministry of Labor, Invalids and Social Affairs, in the first months of the year, the number of people participating in social insurance continued to increase compared to the previous year, but the rate has slowed down. If comparing the months in the first quarter of 2024, the number of people participating in social insurance in both compulsory and voluntary social insurance decreased compared to the end of 2023.
In addition, a worrying thing is that the number of people receiving one-time social insurance benefits has continuously increased in the first months of 2024. This shows that receiving one-time social insurance benefits is still an option for employees after terminating their labor contracts, quitting their jobs, or losing their jobs.
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